Netflix (NASDAQ:NFLX) Stock Rating Lowered by Canaccord Genuity Group

Canaccord Genuity Group lowered shares of Netflix (NASDAQ:NFLX) from a buy rating to a hold rating in a research report released on Friday, Briefing.com reports. They currently have $585.00 price target on the Internet television network’s stock, down from their previous price target of $720.00.

Several other brokerages have also commented on NFLX. The Goldman Sachs Group boosted their price target on Netflix from $500.00 to $565.00 and gave the stock a neutral rating in a research note on Wednesday, January 24th. Pivotal Research lifted their price objective on Netflix from $765.00 to $800.00 and gave the stock a buy rating in a research report on Friday. Barclays lifted their price objective on Netflix from $475.00 to $550.00 and gave the stock an equal weight rating in a research report on Tuesday, April 9th. UBS Group lifted their price objective on Netflix from $570.00 to $685.00 and gave the stock a buy rating in a research report on Tuesday, February 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Netflix from $525.00 to $550.00 and gave the stock a hold rating in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $630.58.

Netflix Price Performance

Shares of NASDAQ:NFLX opened at $555.04 on Friday. The business’s 50 day simple moving average is $605.65 and its 200-day simple moving average is $513.07. The firm has a market capitalization of $240.20 billion, a price-to-earnings ratio of 38.52, a price-to-earnings-growth ratio of 1.64 and a beta of 1.22. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.12. Netflix has a 12 month low of $315.62 and a 12 month high of $639.00.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings results on Thursday, April 18th. The Internet television network reported $5.28 EPS for the quarter, topping the consensus estimate of $4.51 by $0.77. The business had revenue of $9.37 billion for the quarter, compared to analyst estimates of $9.28 billion. Netflix had a return on equity of 29.46% and a net margin of 18.42%. The company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.88 EPS. As a group, equities analysts forecast that Netflix will post 17.08 earnings per share for the current fiscal year.

Insider Transactions at Netflix

In other news, CEO Theodore A. Sarandos sold 68,957 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $561.33, for a total transaction of $38,707,632.81. Following the completion of the sale, the chief executive officer now directly owns 1,278 shares in the company, valued at approximately $717,379.74. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Reed Hastings sold 20,566 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $610.42, for a total transaction of $12,553,897.72. Following the completion of the sale, the chairman now directly owns 28 shares of the company’s stock, valued at approximately $17,091.76. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Theodore A. Sarandos sold 68,957 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $561.33, for a total transaction of $38,707,632.81. Following the sale, the chief executive officer now directly owns 1,278 shares of the company’s stock, valued at $717,379.74. The disclosure for this sale can be found here. Insiders sold a total of 268,335 shares of company stock worth $151,619,811 in the last ninety days. Insiders own 2.45% of the company’s stock.

Institutional Trading of Netflix

A number of institutional investors have recently added to or reduced their stakes in the business. Mezzasalma Advisors LLC boosted its position in Netflix by 1.3% during the 1st quarter. Mezzasalma Advisors LLC now owns 6,861 shares of the Internet television network’s stock worth $4,167,000 after purchasing an additional 90 shares during the period. FORVIS Wealth Advisors LLC boosted its position in Netflix by 119.4% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 974 shares of the Internet television network’s stock worth $592,000 after purchasing an additional 530 shares during the period. Teamwork Financial Advisors LLC boosted its position in Netflix by 3,476.5% during the 1st quarter. Teamwork Financial Advisors LLC now owns 15,987 shares of the Internet television network’s stock worth $9,709,000 after purchasing an additional 15,540 shares during the period. Veracity Capital LLC boosted its position in Netflix by 44.8% during the 1st quarter. Veracity Capital LLC now owns 640 shares of the Internet television network’s stock worth $389,000 after purchasing an additional 198 shares during the period. Finally, Willis Johnson & Associates Inc. boosted its position in Netflix by 9.0% during the 1st quarter. Willis Johnson & Associates Inc. now owns 1,030 shares of the Internet television network’s stock worth $626,000 after purchasing an additional 85 shares during the period. 80.93% of the stock is owned by hedge funds and other institutional investors.

About Netflix

Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and games across various genres and languages. The company also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices.